owning a parking lot

[peters1246]

I was thinking about purchasing a lot of land and turning it into a parking lot.
I'm looking into Jersey City or Newark NJ. Anyone have any suggestions about locations or what they think of this idea. Has anyone tried this?

[philv]

i go to jersey city alot.....its alot of people.....hope you have a good area to put this in......and with alot of traffic....how much will you be charging?

[fobvip]

parkinglot for what? The way to make money with parking lot is to turn it into a swap meet on the weekend, and then you can change anywhere from $25-$60 per vender, and also $2-5 for parking and/or admission. Its a great way to make money, but need great management.

[ProLogic]

You can do it all by yourself. Basically, you would have to hire a security officer to patrol it to make sure nothing goes down.

[crackah]

mmhmm, what i think is that, it would be hard to but a plot of land in a good location, so that people will pay for it, and where you would make money out of it.

[Young Spark]

With gas prices getting like they are, you should definitely think of an alternate way, soon people are going to begin using public transportation which means you'll lose some business of being paid for parking spaces. Be creative and you'll be successful... for example: offer a Park -n- Ride service... this'll definitely work.

[WanganRunner]

With gas prices getting like they are, you should definitely think of an alternate way, soon people are going to begin using public transportation which means you'll lose some business of being paid for parking spaces. Be creative and you'll be successful... for example: offer a Park -n- Ride service... this'll definitely work.

Gas prices will equalize somewhat, they won't be at $3.50/gallon forever. That won't be the normalized price for a few years yet. It's artificially inflated right now due to political tensions with Iran and the fact that it's almost summer time.

Besides, a widespread shift to public transit won't occur for awhile. Depending on where you live (i.e. more urban is better due to less available parking) a parking lot can still be a worthwhile investment. Check what rates are in your area, see if maybe it's more advantageous to develop it as a multi-story garage.

It's also easy to redevelop parking lots, so if you can even just break even, it's a great way to pay down the mortgage for free while you build equity in hopes of eventually redeveloping and flipping into the commercial market.

[Young Spark]

^^ Yes true, but you have to remember, its now officially Hurricane Season which in other words means that oil prices will surge a bit. Surely, it will not be like that forever but for the time being, maybe the land parking lot should be used for other things, atleast for a couple of months.

But I will say I wanted to say build a multi-level parking garage, but charge them a monthly fee.

One question I've been fighting with myself though (and maybe somebody can answer this.) Isn't "peters" responsible for any car damages (like what if a car gets a scratch while the person is at work or whatever) or what about if the car is vandalized and robbed? Surely, if its a multi-level parking garage with a security officer it may be impossible... but you always have to think "What If?"

[radreality]

With gas prices getting like they are, you should definitely think of an alternate way, soon people are going to begin using public transportation which means you'll lose some business of being paid for parking spaces. Be creative and you'll be successful... for example: offer a Park -n- Ride service... this'll definitely work.

Even if gas prices were $5.00 or more a gallon (comparatively like they are over in some places in Europe), people would still pay it and still be driving. There is a reason why public transportation is subsidized and thats because there has never been a system that makes enough money to cover its bottom line.

I think a parking lot is a great idea. The area that I live in has a lot of them. You just need to make sure that its close enough to "whats going on" in the area. And with anything, you need to make sure that the numbers work on it; empty lots can be quite expensive in downtown areas.

______________________________
Robert Falk
Business Developer / Investor
Self Help & Success Forum

[Young Spark]

^^ Alright, here is what I am saying... yes, gas prices *in my opinion* will fluctuate and I still stand by my answer that many people are going to diminish driving their cars for a while. They won't stop driving them for good, but they will stop driving for a little while as barrels of oil are going up and hurrican season being amongst us... but I can't really answer and say that they'll get up above $3.50 a gallon as I believe Congress or the House or somebody has already signed a bill so that there is no "gas gouging" as its called.

For right now, I see oil prices going up some more... but I doubt it'll go up any higher then .30 cents higher... by mid July I expect (in my own opinion and my own belief) that gas will fall down below $2.85 for a gallon of gas.

So really, its not that I am condemning the work or the idea of a parking lot, just stating that its possible for a little while it might be a little lack of funds. But surely, there are ways they can up their services (why not possibly offer Valet service at the gate and allow them to call in 20 minutes before they come so their car can be obtained and brought to the gate.) Or you can offer air conditioning during the summer time and heat during the winter time (think strategically on how to do this.) Either way, its up to you... but be flexible and you can gain more "drivers"

[4strings]

With gas prices getting like they are, you should definitely think of an alternate way, soon people are going to begin using public transportation which means you'll lose some business of being paid for parking spaces. Be creative and you'll be successful... for example: offer a Park -n- Ride service... this'll definitely work.

what? a park n ride? use their own gas to get there, then pay more money to get a public ride?

why wouldnt they just use public transportation then?

[4strings]

^^ Alright, here is what I am saying... yes, gas prices *in my opinion* will fluctuate and I still stand by my answer that many people are going to diminish driving their cars for a while. They won't stop driving them for good, but they will stop driving for a little while as barrels of oil are going up and hurrican season being amongst us... but I can't really answer and say that they'll get up above $3.50 a gallon as I believe Congress or the House or somebody has already signed a bill so that there is no "gas gouging" as its called.

For right now, I see oil prices going up some more... but I doubt it'll go up any higher then .30 cents higher... by mid July I expect (in my own opinion and my own belief) that gas will fall down below $2.85 for a gallon of gas.

So really, its not that I am condemning the work or the idea of a parking lot, just stating that its possible for a little while it might be a little lack of funds. But surely, there are ways they can up their services (why not possibly offer Valet service at the gate and allow them to call in 20 minutes before they come so their car can be obtained and brought to the gate.) Or you can offer air conditioning during the summer time and heat during the winter time (think strategically on how to do this.) Either way, its up to you... but be flexible and you can gain more "drivers"

dude that type of shit wont be appreciated. in jersey or newark all u need is a plot of land where there is alot of business.

all that stuff u mentioned is superfluous.

[EliteFlyers_com]

Miami Beach!
we need more parking....
during special events you can charge alot for parking too, there was a boat show not too long ago and some parking lots were charging $100 per car! adn the lots were full!
it's crazy, but on a normal day i would say $5-$10 per car.

[Paint and Air Sportz]

Just a thought to add, Gas stations on average make 6-10 cents per gallon, while their is anywhere from a 40 cent to 80 cent tax charge per gallon.

[Young Spark]

dude that type of shit wont be appreciated. in jersey or newark all u need is a plot of land where there is alot of business.

all that stuff u mentioned is superfluous.

Okay... so you say, but think... your riding around in the city, do you know how much gas it'll burn just sitting at a red light... you may thinking what a stupid example: but ask yourself, I'm sure your judgement will change. That's where a "park -n- ride" method could come in handy.

what? a park n ride? use their own gas to get there, then pay more money to get a public ride?

why wouldnt they just use public transportation then?

Do you really think public transportation makes visits to a certain part of town's and the cities... no, so either way it either using your car to get to the public transportation station or your feet... and if your running short on time, you take the pick.

The fact of the matter is, not many people want to waste their money on gas all the time, and as I stated, gas ISN'T cheap about right now... so until it subsides a bit to a more "reasonable" level... many people will rely on "short travel" or nearby public transportation. The best thing I would say though (although I am not sure if any airports around as I haven't studied the area) is to offer services for airport flyers to park their vehicles. But that is totally up to the person starting this. Right now... there is no need for arguing.